Econ Ch 17

To submit your assignment, attach your file in Section 2: Assignment Submission. Write your “muddiest point” in the comments box. The muddiest point is the information that was not clear to you in the chapter. You should do additional research over the topics that are challenging to you.

Read all of chapter 17! Outlines are to be typed in single spaced with proper spelling and grammar (Not required to be in APA format – create your own outline format or replica the sample provided). Cover the sections listed in detail; these notes should help you prepare for exams and learn the material! Write a robust and comprehensive outlines to receive full credit.

Outline:

Measuring Economic Growth (P. 429)

* Economic growth is often expressed in terms of Gross Domestic Product (GDP)

* GDP = measure of the value of total output of goods and services produced within a nation’s borders during a period of time

* GDP must me expressed in real terms

* Real = in economics, a term that refers to data that have been adjusted for the effects of inflation

* Nominal = in economics, a term that refers to data that have not been adjusted for the effects of inflation

* Real output = a synonym for real GDP

1. The Benefits and Costs of Economic Growth (P. 432)

* There are many benefits:

* Growth provides consumers with a higher standard of living in the form of more goods and services

* It also provides people with greater opportunities to choose between work and leisure

* Over a long period of history people opted for more leisure

* Despite the benefits, it has its critics:

* Some critics can be faulted for failing to distinguish between two issues: the rate of economic growth and its direction

* A production possibility frontier is used to help separate the two issues

* For an economy operating efficiently on tis production possibility frontier,...